KEC International share price rises up to 5% after ₹125 crore cables business sale to subsidiary, new orders win

At 3:01 pm, the stock was up 2.99% to ₹1,190 per share on the National Stock Exchange. The company's market capitalisation stood at ₹31,677.80 crore.

In an exchange filing, KEC Internation informed that the company's cables business was transferred to its subsidiary, KEC Asian Cables, for ₹125 via slump sale.

"The subsidiarisation of the Cables Business will help improve focus on the company’s core activities, go-to-market approach and capital allocation," the firm said.

KEC International secures new orders worth ₹1,073 crore

In another regulatory filing, the company said that it has secured new worth valued at ₹1,073 crore across various businesses.

The new orders include transmission and distribution projects in the Middle East and SAARC region and supply of various types of cables in India and overseas.

It has also secured industrial segment work in India apart from an "order in a joint venture for design, supply, and construction of a passenger ropeway in the North-East."

Regarding the order win, Vimal Kejriwal, MD and CEO of KEC International said, "We are pleased with the various orders secured across our business verticals. We are particularly enthused by our maiden order in the growing segment of ropeways. With the recent wins in the Middle East and SAARC, we have bolstered our International T&D order book in addition to our already robust India T&D order book, further solidifying our overall T&D business."

"With these orders, our YTD order intake now stands at over ₹18,400 crore, reflecting a remarkable growth of ~60% vis-a-vis last year. The uptick in order intake has resulted in our order book + L1 being over ₹40,000 crore. With this formidable order book and a promising pipeline of tenders, we have a clear visibility of growth in the coming quarters," he added.